Bunbun776
Bunbun776 Bunbun776
  • 21-04-2019
  • Mathematics
contestada

find the future value of this loan.

$8079 at 9.1% for 7 months
(round to the nearest cent if needed)

Respuesta :

bhavya2vemuri
bhavya2vemuri bhavya2vemuri
  • 21-04-2019

Answer:

the full value is $8507.86

Step-by-step explanation:

Use I=prt(interest rate formula)

p=principal(8079)

r=rate of interest(0.091) -Always convert % into decimal when dealing with interest

t= time (7/12 or 0.583)- if time is in months form you need to put a  denominator of 12

now use the formula

I=8079*0.091*0.583

I=428.86

now you need to add the interest to the principal to get full value

428.86+8079=$8507.86

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